Cash Isa deals of the week: 22 September 2016

Top savings rates of the week

Discover the best cash Isa deals currently available with the Which? Money weekly roundup.

Cash Isa allowance for 2016-17

Each year you can deposit your savings into a cash or stocks and shares Isa, or both. The overall limit for the 2016-17 tax year for both cash and stocks and shares Isas is £15,240.

Here, we take a look at some of the best cash Isa rates on the market. If you’re keen to find out more about any of these deals we’ve also included links to Which? Money Compare, the comparison site which lets you see banks’ customer scores as well as their rates, and where you’ll find more details about each Isa.

Help to Buy Isa – first-time buyers

If you’re saving for your first home, you can now open a Help to Buy Isa, which is designed to help first-time buyers get onto the property ladder.

You can deposit up to £200 a month in a Help To Buy Isa (plus an additional initial deposit of £1,000), with the government topping up these savings by 25% up to a maximum of £3,000 when you buy a home.

Your Help To Buy Isa savings can be used to buy a property worth up to £250,000, or £450,000 in London. And if you’re buying with someone else, you can open separate accounts and jointly earn a bonus of up to £6,000.

Barclays currently offers the best instant-access deal, paying 2.27% AER.

You can’t contribute to a cash Isa in the same tax year as a Help to Buy Isa, so if you want to open a Help to Buy Isa in 2016-17, make sure you don’t deposit new funds into another cash Isa in this tax year.

The Which? Money Compare tables let you search hundreds of savings accounts and cash Isa deals from providers large and small so that you can find a good home for your nest egg. We also combine this with our unique customer scores that show you how well providers are likely to treat you in the long run.